The market has been experiencing "excellent rental rate bargains," and many companies have opted for renewals, the report states. Tenants inking early renewal deals are benefiting from the trend. The market has plenty of attractive options, making retaining tenants a priority of property owners.

Some of the central business district and suburban market sectors' biggest deals were done in the second quarter.

While supply will increase in the central business district as two new buildings are completed by the end of the year, available sublease space probably has peaked out here. Tenants have been attracted to the two new buildings but also want appealing deals, resulting in about 320,000 sf of leasing activity that is mainly renewals.